Properties that have been returned to a lender through the foreclosure process are commonly called “Bank Repo”, “Repo” or “REO” (short for Real Estate Owned by the bank). These properties are generally sold without warranty, and without repair concessions. There are bargains to be found among these properties, especially if you are willing to do some repairs that may be required. It’s important to have solid financing in place prior to making an offer to the bank.
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The agents at Century 21 Action! are ready to assist you in searching for your ideal property. Please visit our offices for a free consultation. We can help you determine search parameters with details not available through an automated property search. We can also help you determine a comfortable price range and review your credit to ensure you get the most favorable financing terms available. We have lists of foreclosure properties owned by banks that are not yet listed on the Multiple Listing Service (MLS)